Ajay Tyagi, chairman of the Securities and Exchange Commission of India (SEBI), has urged mutual funds to avoid investing in crypto-related assets as the government is considering new crypto-currency rules. At a press conference on Tuesday, Tyagi hadrecommendCompanies refrain from investing in funds linked to crypto assets until clarity on their policies and regulatory frameworks.
“Those who invest in mutual funds — in crypto asset-related companies or international companies through fund-of-funds (FOF) — In our opinion, until we get clarity on (crypto) policy, businesses shouldn’t do that,” said the SEBI chairman.
While the regulatory environment for digital currencies in India remains murky But the country has seen an exponential increase in the popularity of Crypto. It is unclear whether investments in cryptocurrencies are taxable in the country or not.
The Indian government has formally planned to introduce regulations. Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for parliamentary debate during the current winter. However, this bill does not yet appear in the bill that the Indian House of Representatives will consider at the end of the winter.
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